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Banker faults Treasury’s proposed financial market regulator - 7 months ago, 11 July 19:00

By: Patrick Alushula

Barclays Bank of Kenya #ticker:BBK chief executive officer Jeremy Awori has criticised the proposed Financial Markets Conduct laws saying that they amount to excessive regulation that could increase cost of services.

Mr Awori said coming up with multiple layers of regulators may not help financial markets as envisioned in the Treasury-sponsored draft Financial Markets Conduct Bill 2018, but instead create unnecessary overlaps.

“Excessive control and regulation does not help the market. This is adding a lot of bureaucracy and cost, which will find its way to the charges of products,” said Mr Awori.

He explained that that it may also be unclear and impractical to restrict the hours of banking in the market where online and mobile banking is gaining traction giving customers freedom and convenience to bank anytime on their mobile devices.

Mr Awori said as much as consumers need protection from predatory lenders, online and mobile lending may not conform to requirements ...
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